Post by
drbob512 on Jun 02, 2020 12:34am
T.A. for S&P500 Monday:
Index was up 11 pts to 3055 on quiet trading. VIX keeps dropping which is bullish in the IT. Several daily technical indicators are overbought so while a correction ould not be surprising, strong bull mkts can stay overbought for weeks. The mkt seems to be climbing a wall of worry re: Covid-19, protests, and the unemployment approaching 20% but also hope that businesses keep opening up, still tons of money mkt funds looking for returns, and a very accomadating FRB. Bulls maintain control of this mkt until otherwise proven as breadth & leadership are positive.